Mkpoikana Udoma
Port Harcourt — The Independent Petroleum Marketers Association of Nigeria, IPMAN, says NNPC Ltd was protecting President Bola Tinubu’s dignity by changing the nomenclature of fuel subsidy payment to the word ‘differentials.’
This is as the Group Managing Director of NNPC Ltd, Mele Kyari, had denied any resumption on fuel subsidy payment, but was recovering the full cost of fuel importation.
Reacting IPMAN said the NNPCL boss was correct that they were recovering the difference, hence NNPC Ltd was selling crude oil for Nigerians and subtracting the extra cost of PMS from the proceeds of the crude.
IPMAN Chairman in Rivers State, Dr Joseph Obele said NNPC Ltd. was being economical with the truth, as the landing cost of PMS already was close to N800 per litre and importers were not charity organisations to sell products below their cost price.
He said, “Call it recovery, call it differentials. It is all fuel subsidy you are paying because landing cost is far above the selling rate.
“What is the difference between half a dozen and six?
We understand that the word of Mr. President is a bond, and it must be upheld on the ground that he said subsidy is gone. Therefore, it is appropriate to call it any other name than calling it subsidy just to protect the dignity and integrity of the office of Mr. President.”
The IPMAN boss in Rivers State further warned that petrol price will further increase due to the ongoing conflict between Israel and Palestine, and urged the government to urgently fixed the nation’s four refineries for in-country refining of crude oil.
“Nigeria will be saved from this grammatical dilemma when we start refining locally in Nigeria and stop importing from the international market.
“The external variables at the international market are reasons for all the unwarranted statements. We should anticipate more price turbulence in the international market arising from the recent Israeli and Palestinian tension.
“The earlier we fix Nigeria owned refineries, the better for us as a nation.”
